Scholarships: Free money is one of the best ways to pay for higher education. Many organizations offer scholarships and students should check with their local high school guidance counselor or local library to review the various scholarships that are available to them. As a Gleaner member, you and your family members are eligible to apply for an award through the Gleaner Life Insurance Society Scholarship Foundation. 
Federal Grants: The largest sum of free money is the federal government’s Pell grant program which just got a little bigger and is expected to grow even larger in the future. Congressional Democrats and Republicans joined together early in 2007 for the programs first increase in four years.
High school seniors should fill out the Free Application for Federal Student Aid (FAFSA) as soon as possible. Many colleges hand out aid on a first-come, first-serve basis. Individual Retirement Accounts (IRAs)/Tax-Deferred Annuities:
Individuals are now using IRAs and tax-deferred annuities to help finance higher education while reducing taxable income.
Gleaner offers multiple IRAs in addition to tax-deferred annuities that help build your fund value. A new fraternal benefit, The College Bound Waiver, allows individuals who purchase a “Harvest 8” Golden Annuity to withdraw funds for college and tuition without incurring a surrender charge. This benefit allows your money to be available at all times for college expenses.
Life Insurance: Many individuals do not realize that some life insurance certificates build cash value. Gleaner’s newest whole life product, SecureLife, grows a significant cash value that can be used for college expenses, a down payment on a new home, or to supplement retirement income later in life. Life insurance offers your family protection in addition to a savings component. Purchasing a life insurance product at a young age (children through adolescents) means lower premium payments for the insured.
State-Sponsored 529 Plans: Many states now offer a college savings plan, sometimes known as “529 plans.” Each state determines the maximum dollar amount that parents can contribute annually per child. All major tax-advantaged college savings plans, including the 529 savings plan, education savings accounts, and 529 pre-paid accounts, are now considered parental assets and are treated the same when it comes to qualifying for aid.
Upromise®: The nation’s leading saving-for-college location can be found at www.upromise.com and helps make higher education more affordable by showing individuals the best way to earn, save, and payfor college. Benefits of membership include college savings through eligible everyday spending, assistance in starting a savings plan, learning ways to help pay for college, and special discounts, bonuses, and money-saving offers.
Prepaid tuition plans: If an in-state school is in your future, a prepaid plan may be a good option. These plans are low risk and offer tax advantages and let you “lock in” tuition at today’s current rate.
Student Loans: The federal Stafford and PLUS loans are still the better option. These loans have fixed rates ranging from 5 to 8.5 percent, (as of August 2007) compared to private or alternative loans which tend to offer low-interest teaser rates that rise and fall with the economy.
If the college or university you are planning on attending allows you to shop for lenders (about 80% of schools do) take advantage of this opportunity. Various web sites such as Simple Tuition and Education Finance Council have lists of lenders and their benefits.
Make sure to review all of the terms carefully. Lenders often attach strings that do not benefit the borrower. It is better to choose a lender that offers up front discounts, such as waiving origination fees or immediate discounts.
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